For sales to boom, luxury-fashion brands need growing numbers of wealthy people and a widening gap between the rich and the poor. Tailor-made conditions in 2021 look like a one-off.
Global wealth rose 9.8% last year to $463.6 trillion, well ahead of the 6.6% annual average recorded over the last two decades, according to a Credit Suisse report released this week. Household wealth was boosted by a rise in both the value of financial assets such as stocks and skyrocketing home prices. No country recorded a fall in house values in 2021.